Along with the Bank of England and Prudential Regulatory Authority, the Financial Conduct Authority (FCA) published a shared final policy summary on requirements aimed at strengthen operational resilience in the financial services sector.
On 31 March 2022, firms must have identified their important business services, set impact tolerances for the maximum tolerable disruption and carried out mapping and testing to a level of sophistication necessary to do so. Firms must also have identified any vulnerabilities in their operational resilience.
As soon as possible after 31 March 2022, and by no later than 31 March 2025, firms must have performed mapping and testing so that they are able to remain within impact tolerances for each important business service. Firms must also have made the necessary investments to enable them to operate consistently within their impact tolerances.